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What is the relationship between the price, P, and the average total cost, ATC, for a firm in perfect competition that makes an economic profit? That makes zero economic profit? That incurs an economic loss?
Lump Sum
A lump sum is a single payment of money, as opposed to making payments over time in installments.
Interest Rate
The portion of a loan that accrues interest, regularly described as an annual percentage of the loan’s remaining debt.
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